There is a troll who asks sincere questions but promotes a dubious source on money theory. that source has gotten more than enough exposure here, but I do want to answer the sincere questions:
How do you create demand for a money without taxes?
***Money, properly defined, emerged before there were governments, let alone taxes. Why would anyone ever want to create a demand for that which they will lose, through taxes? The premise of the question is unregenerate.***
Why do people prefer one money over another?
***If you are defining money correctly, by definition they do not. If you define money incorrectly, as currency, they have preferences due to their desire to game the system.***
Why do other countries peg their currencies to the US dollar?
***To game the system.***
Interesting comments here: http://xxxxxxxxxxx/contact/
***To be interesting, something has to be different. This is greenbackism, nothing new there. Boring.***
And metals-backed money has its own problems,
*** Since it is inanimate, it can hardly have problems. It's used is by people, who introduce problems, and when the people involved can force you to participate in their problems, that is where the problems arise.***
remember the panics and depressions throughout the 1800's?
***No, wasn't there, but history tells us they related to currency and fraud, not money.***
Doesn't a growing economy need a growing money supply? on How Government Shut Downs Work
*** If the actors in the economy thinks so, then they will produce it. See Spooner on that softball question. Among people who actually do business, they extend credit when money is short, so there is never a lack experienced in a free market. Your guru wants the state to have a monopoly on credit (he calls currency money, which is ignorant) when business actors are more than ready willing and able to provide it themselves. Solving problems that don't exist is an ancient game among statists, and you are becoming expert in this field. Why don't you start a business, instead of study how to get on the oppressors side of the game.***
Feel free to forward this by email to three of your friends.
How do you create demand for a money without taxes?
***Money, properly defined, emerged before there were governments, let alone taxes. Why would anyone ever want to create a demand for that which they will lose, through taxes? The premise of the question is unregenerate.***
Why do people prefer one money over another?
***If you are defining money correctly, by definition they do not. If you define money incorrectly, as currency, they have preferences due to their desire to game the system.***
Why do other countries peg their currencies to the US dollar?
***To game the system.***
Interesting comments here: http://xxxxxxxxxxx/contact/
***To be interesting, something has to be different. This is greenbackism, nothing new there. Boring.***
And metals-backed money has its own problems,
*** Since it is inanimate, it can hardly have problems. It's used is by people, who introduce problems, and when the people involved can force you to participate in their problems, that is where the problems arise.***
remember the panics and depressions throughout the 1800's?
***No, wasn't there, but history tells us they related to currency and fraud, not money.***
Doesn't a growing economy need a growing money supply? on How Government Shut Downs Work
*** If the actors in the economy thinks so, then they will produce it. See Spooner on that softball question. Among people who actually do business, they extend credit when money is short, so there is never a lack experienced in a free market. Your guru wants the state to have a monopoly on credit (he calls currency money, which is ignorant) when business actors are more than ready willing and able to provide it themselves. Solving problems that don't exist is an ancient game among statists, and you are becoming expert in this field. Why don't you start a business, instead of study how to get on the oppressors side of the game.***
Feel free to forward this by email to three of your friends.
1 comments:
"Why Private Banks and Not Central Banks Should Issue Currency."
http://www.econlib.org/library/Features/feature3.html
If private banks issued currency, rather than central government banks, how do we keep such a currency system from being corrupted? More competition? How can the integrity of a private currency be maintained? How do you get people to maintain their long-term life savings, IRA's, etc., denominated in a private currency with confidence if their are competing private currencies? People think that an all powerful government can maintain law and order, and including the integrity and value of the currency - which obviously has people wondering about this as well these days.
I do think that a private currency system would be better. (MMT merely describes the US money system that is in place now, but many people (including academics, politicians, and other commentators that should know better) do not understand it.) As the article says, there are some places that actually have a private currency system.
Emerging market economies that adopt a private currency system could have a competitive edge compared to developed first world countries that still adhere to a government fiat money system.
Maybe our national debate should not be so much on focusing on the US dollar, national deficit, money printing, etc., but rather on allowing a private currency system to develop, rather than maintaining a government fiat currency? Just scrap government fiat currency altogether? This issue is something that I have not thought of before I started reading this blog.
See also:
http://www.cnbc.com/id/100548218
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